/NOT FOR DISSEMINATION IN THE
UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
TORONTO,
May 8, 2014 /CNW/ - Callidus Capital
Corporation ("Callidus") (TSX: CBL), a provider of flexible and
innovative asset-based loans, is pleased to announce that, in
connection with Callidus' recently completed initial public
offering of 18,000,000 common shares ("Common Shares") at a price
of $14.00 per Common Share, Callidus
has successfully closed the issuance of an additional 2,700,000
Common Shares pursuant to the full exercise of the previously
announced over-allotment option (the "Over-Allotment Option")
granted to the underwriters for aggregate gross proceeds of
$37,800,000 million. The closing of
the Over-Allotment Option brings the aggregate gross proceeds of
Callidus' initial public offering to $289,800,000.
The Common Shares trade on the Toronto Stock
Exchange under the symbol "CBL". Upon closing of the
Over-Allotment Option there are 48,691,297 Common Shares issued and
outstanding.
The offering was made through a syndicate of
underwriters led by Canaccord Genuity Corp. and including CIBC
World Markets Inc., TD Securities Inc., National Bank Financial
Inc., GMP Securities L.P., Desjardins Securities Inc., and Dundee
Securities Ltd. (collectively, the "Underwriters").
The net proceeds of the Over-Allotment Option
will be used by Callidus for growth capital to support new loan
assets.
On April 23, 2014,
Catalyst Fund General Partner IV Inc. ("GPIV") acquired control or
direction over 5,654,543 Common Shares, representing approximately
12.29% of the issued and outstanding Common Shares as at
April 23, 2014. 1,529,371 Common
Shares were acquired from treasury and 4,125,172 Common Shares were
acquired pursuant to a prospectus exemption, rather than from
treasury. The consideration for the Common Shares acquired was
$14.00 per Common Share.
The Common Shares are held by GPIV for
investment purposes. Depending on market and other
conditions, GPIV may, directly or indirectly, acquire ownership or
control over additional Common Shares, through market transactions,
private agreements or otherwise, in accordance with applicable
securities legislation. Depending on market and other conditions
(and subject to previously announced lock-up agreements), GP IV may
sell any of its Common Shares.
A copy of the early warning report in respect of
this acquisition can be obtained by contacting GPIV at the
following address: 77 King Street West, Suite 4320, Toronto, Ontario M5K 1K2.
No securities regulatory authority has either
approved or disapproved the contents of this press release. This
press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Callidus Capital
Corporation in any jurisdiction in which such offer, solicitation
or sale would be unlawful. These securities have not been and will
not be registered under the United
States Securities Act of 1933, as amended or any U.S. state
securities law and may not be offered or sold in the United States except in compliance with
the registration requirements of said Act and applicable U.S. state
securities laws or pursuant to an exemption therefrom.
About Callidus Capital Corporation
Established in 2003, Callidus Capital
Corporation is a Canadian company that specializes in innovative
and creative financing solutions for companies that are unable to
obtain adequate financing from conventional lending institutions.
Unlike conventional lending institutions who demand a long list of
covenants and make credit decisions based on cash flow and
projections, Callidus credit facilities have few, if any, covenants
and are based on the value of the company's assets, its enterprise
value and borrowing needs. Callidus employs a proprietary
system of monitoring collateral and exercising control over the
cash inflow and outflows of each borrower, enabling Callidus to
very effectively manage any risk of loss.
Forward-Looking Statements
Certain statements made herein contain
forward-looking information, including in respect of any future
acquisition of Common Shares by GPIV. Although Callidus believes
these statements to be reasonable, the assumptions upon which they
are based may prove to be incorrect. Furthermore, the
forward-looking statements contained in this press release are made
as at the date of this press release and Callidus does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws.
SOURCE Callidus Capital Corporation